Business

HOW TINUBU’S GOVT SPENDS MONEY SECRETLY, FAILS TO RELEASE BUDGET PERFORMANCE REPORTS Since it came on board in May 2023, the President Bola Tinubu’s administration has failed to publish budget performance reports for the information of Nigerians, as mandated by the Fiscal Responsibility Act, SaharaReporters can report. This is the first time since 2015 that an administration will fail to …

ANAN REJECTS PROPOSED ICAN AMENDMENT BILL The Association of National Accountants of Nigeria (ANAN) has rejected the ongoing amendment of some sections of the Institute of Chartered Accountants of Nigeria (ICAN) establishment Act. ANAN said if the amendment is allowed to sail through, it would cause rivalry among professional bodies in Nigeria. The President of ANAN, James Ekerare Neminebor, stated …

IPOB TELLS SOUTH EAST GOVERNORS TO CANCEL CONTRACTS WITH EEDC The Indigenous People of Biafra (IPOB) has asked governors in the South East to cancel all power contracts with Enugu Electricity Distribution Company (EEDC) for allegedly impeding the development of the Region. The group stated that the company was incapable of providing reliable, adequate, and affordable electricity to support the …

MY REFINERY WILL REDUCE FUEL PRICE IN NIGERIA – DANGOTE The Chairman of Dangote Group, Aliko Dangote, has said his $20 billion 650,000 barrels per day Lagos-based refinery will crash the price of fuel as it reduced the price of diesel in Nigeria. Dangote disclosed this at a recent Afreximbank Annual Meetings and AfriCaribbean Trade & Investment Forum in Nassau, …

N1.3B BILL: ENUGU GOVT SLAMS EEDC, DEMANDS REFUND OF INVESTMENT IN ELECTRICITY SECTOR The Enugu State Government has slammed the Enugu Electricity Distribution Company (EEDC) over its billing and the disconnection of power supply to government offices. It described the actions as unlawful, malicious, callous, and vexatious. It also faulted EEDC’s claim of government’s indebtedness to the company to the …

BATTLE OF WITS: EEDC ISSUES DISCONNECTION NOTICE TO GOVT OFFICES, GOVT SEALS EEDC OFFICES Days after issuing disconnection notices to some customers over unpaid electricity debt, the corporate headquarters of the Enugu Electricity Distribution Company, EEDC, and its offices have been sealed by the Enugu State Government. Emeka Ezeh, Head of Corporate Communications EEDC disclosed this in a statement on Tuesday. …

OIL MARKETERS SPEAK ON PETROL PRICE DROPPING AS LOW AS ₦300/LITRE The Major Energy Marketers Association of Nigeria (MEMAN) has rejected reports that the pump price of Premium Motor Spirit (PMS) will plummet to ₦300/litre with the start of large-scale production by the Dangote Petroleum Refinery and other local refiners, including modular refinery operators. A recent report suggested that the …

NNPCL INFLATED SUBSIDY CLAIMS BY N3.3TTN, AUDIT REVEALS A forensic audit conducted by KPMG, a global accounting firm, has uncovered a significant discrepancy in the fuel subsidy claims made by the Nigerian National Petroleum Company Limited (NNPCL). The audit revealed that NNPCL inflated its fuel subsidy claims by a staggering N3.3 trillion, according to a report done by iWitnessLive. Initially, …

STORY BEHIND RESURRECTION, SCRAPPING OF HERITAGE BANK The story of Heritage Bank can be likened to the idiom of the old wine in a new bottle, an already existing establishment offered as if it were a new one, Daily Trust reports. It is the story of how Societe Generale Bank of Nigeria (SGBN), re-commenced operation on January 29, 2013, but …

NAIRA CRASH: NIGERIA SECURES FRESH $925M LOAN Nigeria has secured an additional $925 million loan from the African Export-Import Bank (Afreximbank) to help stabilize the country’s economy. In a statement on its website on Thursday, Afreximbank announced an additional disbursement of $925m under the syndicated $3.3bn crude oil-backed prepayment facility sponsored by the Nigerian National Petroleum Company Limited. Its latest …